The study also encompasses valuable insights about profitability prospects, market size, growth dynamics, and revenue estimation of the business vertical. The study further draws attention to the competitive backdrop of renowned market contenders, including their product offerings and business strategies.
The global Contact Lenses Market is growing rapidly. Market growth mainly attributes to the growing eyesight refractive issues among people. Besides, the huge popularity of contact lenses is the key driving force behind the growth of the market. Unlike spectacles, lenses can move with the eyeballs, which allow a natural field of view and considerably reduces distortions. This is a key reason, which increases not only the adoption but also the popularity of contact lenses.
Also, contact lenses do not fog up or get splattered by mud or rain, which notably increases their usages in sports and other physical activities. Advances in technologies have brought about many novel innovations in terms of design and functionalities of contact lenses. Some of these innovations include smart contact lenses that overlay information without obscuring the view and therapeutic contact lens that delivers preservative-free bimatoprost to the eye to treat glaucoma.
According to Market Research Future (MRFR), the global contact lenses market is projected to create a valuation of over USD 12,330.46 MN by 2025. In its recent contact lenses market analysis, MRFR also asserts that this growth would be registered at approximately 5.70% CAGR from 2019-2025. The prevalence of eyesight disorders, such as myopia, astigmatism, hyperopia, and presbyopia, is growing continuously. Besides, vitamin A deficiency and accident cases are rising profusely over the past few years.
Such eyesight disorders create huge market demand. Moreover, a general belief among people that wearing spectacles affects their appearance escalates the market growth to further height. Additionally, socio-cultural factors, such as the influence of media, fashion & film industry, and peer pressure for appearance & beauty, etc. substantiate contact lenses market size.
Moreover, the rising global economy excellently fosters the contact lenses market share, enabling access to the quality of life by increasing consumers' purchasing power.On the other hand, the costs of contact lenses, which are slightly on a higher side than spectacles, restrict market growth. Nevertheless, rapidly dropping prices of contact lenses, alongside the massive demand from the fashion industries, would support the market growth throughout the estimated period.
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Contact Lenses Market – Segments
The market is segmented into five dynamics;
By Wear Type: Disposable Lenses, Daily Disposable Lenses, Conventional Lenses, and Frequent Replacement Lenses.
By Type : Therapeutic Lenses, Corrective Lens, and Cosmetic & Lifestyle Oriented Lenses.
By Material : Methacrylate Hydrogel Soft Contact Lens, Gas-Permeable Contact Lens, Silicone Hydrogel Soft Contact Lens, and others.
By Design : Toric Lens, Multifocal Lens, Spherical Lens, and others.
By Regions : Europe, Americas, Asia Pacific, and Rest-of-the-World.
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Global Contact Lenses Market – Geographical Analysis
North America leads the global contact lenses market. The significant market share attributes to prevailing vision problems and eye diseases & disorders affecting the eyesight. Besides, the presence of many key industry players and middle age populaces boost the growth of the market.
There is significant self-consciousness about appearance among overall demographics. Moreover, vision problems in youngsters push market growth further. Furthermore, growing numbers of product launches and expansion strategies adopted by market players are estimated increasing contact lenses market size in North America.
Europe accounts for the second-largest contact lenses market share. The market is predominantly driven by the considerable increase in R&D and rising product approvals in the region. Moreover, increasing rates of eyesight disorders and diseases, alongside the growing number of middle-aged populations in the region, foster the growth of the market.
Additionally, the increasing focus of various key market players to expand their business in this region drives market sales enormously. The European contact lenses market is estimated to grow further at a CAGR of 6.02% during the assessment period.
The Asia Pacific contact lenses market is rapidly emerging as a profitable market globally. Factors such as the growing incidences of ocular diseases and availability of a range of cost-completive contact lenses drive the regional market growth. Also, rapid economic growth in the region, alongside the improving lifestyles of demographics, fuels the growth of the APAC contact lenses market. Large untapped needs and spreading awareness about eye care in populous countries such as India and China, attract many market players.
Global Contact Lenses Market – Competitive Analysis
The contact lenses market appears highly competitive, with many well-established players forming a competitive landscape. To gain a larger competitive share, acquisition, collaboration, expansions, and product/ technology launch remain key strategies of market players.
Major Players:
Johnson & Johnson Services Inc., Novartis AG, CooperVision, Inc., Bausch Health, Seed Co. Ltd., Hoya Corporation, Neovision Co, Ltd., Oculus Private Limited, St. Shine Optical Co., Ltd., Menicon Co., Ltd., and Camax Optical Corp, are some of the players active in the market.
Industry/Innovation/Related News:
June 17, 2020 ----- Bausch + Lomb (the US), a leading global eye health business, announced receiving the Chinese National Medical Products Administration approval for its BAUSCH + LOMB ULTRA® monthly silicone hydrogel contact lenses. These contact lenses featuring MOISTURESEAL® technology that maintains 95% of lens moisture for over 16 hours are available in China now.
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Global Contact Lenses Market: Information by Wear Type (Daily Disposable Lenses, Disposable Lenses, Frequent Replacement Lenses and Conventional Lenses), by Type (Corrective Lens, Therapeutic Lenses and Cosmetic and Lifestyle Oriented Lens), by Material (Silicone Hydrogel Soft Contact Lens, Methacrylate Hydrogel Soft Contact Lens, Gas-Permeable Contact Lens and others), by Design (Spherical Lens, Toric Lens, Multifocal Lens and others) and by Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2025
The Global Contact Lenses Market is expected to register a CAGR of 5.70% to reach USD 12,330.46 Million by 2025.
The global contact lenses market is expected to exhibit lucrative growth during the forecast period.
The corrective lens segment held a share of 43.2% in 2018.
The global contact lenses market, by material, has been segregated into silicone hydrogel soft contact lens, methacrylate hydrogel soft contact lens, gas-permeable contact lens, and others.
The Americas dominates the global contact lenses market owing to the increasing population of contact lens wearers, growing prevalence of eye-related diseases, and the rising popularity of cosmetic lens among the youth.
The global contact lens market study presents an all in all compilation of the historical, current and future outlook of the market as well as the factors responsible for such a growth.
With SWOT analysis, the business study highlights the strengths, weaknesses, opportunities and threats of each contact lens market player in a comprehensive way.
Further, the contact lens market report emphasizes the adoption pattern of the contact lens across various industries.The contact lens market report highlights the following players:CooperVision, Inc.Essilor International S.A.Hoya CorporationSTAAR Surgical CompanyThe contact lens market report examines the operating pattern of each player – new product launches, partnerships, and acquisitions – has been examined in detail.The proliferation visually-impaired consumers and their participation in outdoor activities coupled with increasing cases of myopia, presbyopia, and astigmatism will drive the global contact lens market to witness a staggering growth trajectory of over 5% between 2019 and 2029.
Offline distribution through retail stores and hospitals & clinics continue to garner consumer traction.
Online channels however are expected to present remunerative growth opportunities on the back of rising millennial consumers.
Market players are investing in developing innovative products that cater to a variety of demands such as daily use, different colors, and corrective lenses.Key Takeaways of Contact Lenses Market StudySilicone Hydrogel will see 1.7x growth between 2019 and 2029.
These are four types of contact lenses that are available.
Some of these variations are also available in Biofinity lenses.
The Cooper Vision Biofinity Contact Lens are biofinity lenses that can provide you with hydration.
These lenses are extremely comfortable and can be worn for hours together without having your eyes strain.
Laser vision correction, often known as LASIK or laser eye surgery, is a type of refractive surgery that uses a laser to correct astigmatism, hyperopia, and myopia.
A thin, flat layer of corneal tissue lying behind the retina operates as a deflective lens for normal visual light, according to this procedure.
When the corneal tissue is destroyed by disease or injury, light enters the eye through the cornea and is absorbed and reflected appropriately, but this corneal tissue becomes irregular, resulting in a distorted vision of the outside world and considerable eye strain.
As a result, many vision issues like strabismus (crossing or twisting of the eyes) and monocular abnormalities can be treated with LASIK surgery.One of the reasons why laser vision correction (LASIK) is typically regarded a safer option for vision correction than wearing corrective glasses or contact lenses is that it can deliver long-term results.
LASIK does not work for everyone, and it may fail in rare cases.
For the vast majority of people, laser vision correction is a safe and effective procedure that corrects vision for at least a few years.
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